All Forum Posts by: Mark Linder

@Matt Powell how have you pulled that off? I had three buy and hold deals last year in Springfield and I thought I was doing well. 

Hey Zach 

You could use it to house hack but not to buy a flip or to buy a buy and hold property. The key is it has to be your residency for a year. House hacking seems to be the way to go to start off. I wish I knew about it years ago! 

Thanks for the feedback @Justin Kane

Thank you @Jaysen Medhurst!! I guess I was under the impression that I would not be able to be put on the note and title under either my name or an LLC because it was his line of credit. That makes things a lot easier. I will also start calling around more about the LLC and commercial loan. I have talked to 5 or 6 banks and they are all saying it would be a commercial loan. I guess I just havent found the right one yet. Thanks again

My father in law has agreed to use a line of credit that is already set up to buy a property. As of now he doesn't want to take an active part in real estate. The deal we have been contemplating is a 4 plex that we should be to get under market, put some money into each unit to get it updated and get some tenants in there and eventually refinance to pull cash out to pay him back. The question I keep coming back to is how I structure this. If its his line of credit, I am assuming I can not purchase the property directly? If I can not purchase the property directly how do I get the property into my name in order to refinance. I have contemplated starting a LLC with him in hopes that it would be an easier transition but LLC equals commercial loan. The banks that I have talked to about commercial loans require a 12 month seasoning and currently a 20 year amortization rate over 5 years which make the payments pretty steep. Anyone had a similar situation and found a solution that worked for them. Thanks

@Matt McConkey that would be great!! Much appreciated

I'm about to put an offer in on my third unit in Springfield, Illinois. We are going to pay cash for a fixer upper and use the BRRRR method. I am looking for that rockstar loan officer that will give me the best possible advise and that's savvy in real estate because they are investors themselves or just because they want to be the best. And it would probably help if they were high energy like myself because people that aren't just don't get it. I have been in contact with multiple banks and just haven't felt that warm and fuzzy about anyone I have talked to or done business with. Looking for that to change and to begin a long relationship. Any help would be much appreciated.

Ps a huge plus would be a bank that doesn’t need a 6 month seasoning period. I know, a lot to ask, but from what I hear it’s possible. Thanks in advance!!

I am looking for advice on a potential deal. I am currently bidding on my first buy and hold house. This house is going to cash flow great and there is no chance that I am backing out of this one. In the meantime, I have been presented another house that was bought, flipped and has been sitting on the market for a year now. I dont necessarily have the funds to buy this house too but I was thinking I could offer to buy using owner financing. The guys that flipped the house do this for a living so I dont know if they would be on board with a owner finance but I figured since its been on the market for as long as it has why not try. I am trying to figure out what kind of numbers I should be offering them to even entertain the idea of agreeing to this. The house is selling for 69900 and has the potential to rent for between 850-900 a month. I could probably scrape together 5-10% of the amount if needed. Very little work will need to be done on my part so no additional funds are needed for this. Any thoughts/suggestions would be much appreciated